King & Wood has been engaged on a US$440m Hong Kong global offering by Shenzhen-based property developer Kaisa Group, after recently advising on the US$2.7bn Sinopec/SABIC joint venture.

Renowned capital markets advisors Haiwen & Partners was also involved in the transaction, representing the underwriters, Credit Suisse and BOCI. The underwriters were also assisted by international firm Fried Frank and associated local firm Huen Wong & Co.

The offering consisted of shares and a concurrent 114A Reg S placement. Kaisa Group has introduced four cornerstone investors in its IPO, who subscribed for US$60m worth of shares from the developer.

Eight other China real estate-related IPOs have raised a combined US$4.9bn in Hong Kong this year, bringing the total number of PRC property-related stocks to 30.

One of the reasons for the optimism in the capital markets was the head-turning launch of Metallurgical Corporation. This launch raised a combined US$5.13bn in Shanghai and Hong Kong, making it the world's second-largest IPO this year after China State Construction Engineering Corporation’s US$7.34 billion offering in July. Other major property players to have listed include mainland developers Glorious Property and Evergrande Real Estate, and Macau casino operator Wynn Resorts.